Melco Resorts Delivered All-Time-High Property EBITDA; FVE Maintained at $22 per Share
We maintain our long-term DCF-driven fair value estimate of $22 per share for narrow-moat Melco Resorts. The shares are expensive, as we forecast that a cyclical downturn in the Macau gaming market will put pressure on Melco Resorts starting in 2020. We are still bullish in the sector in the near term and forecast Melco Resorts to generate a 10% increase in revenue and a 22% increase in adjusted EBITDA in 2018.We think the opening of the 770-room Morpheus in the second quarter will add 78% more...
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
We have operations in 27 countries.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.